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- Domestic consumption dwindles due to household gloom:
With 46% of Chinese surveyed by the Chinese Central Bank declaring the labour market to be ‘uncertain’, the May Day holiday provided a glimpse into Chinese domestic consumption.
In an economic context that is drastically different from the one China experienced prior to the Covid-19 period, concern reigns. Whether because of the flight of foreign investment, youth unemployment rising to 15% (according to the latest figures published in December 2023, excluding students), or the crisis affecting the property sector, the first victims of which were the Evergrande and Country Garden behemoths, Chinese confidence in their economy has eroded.
The Chinese economy is highly dependent on its property market. Representing around 30% of Chinese GDP and 20% of jobs, the sector is a pillar of the Chinese economy. However, the current property crisis, coupled with the after-effects of Covid-19, have left their mark on Chinese society, leaving traces that are still perceptible. Whereas before the health crisis, property investments accounted for 70% of the capital saved by Chinese households, the weakening of the sector is causing them to save more.
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